JAPAN: Tokyo Style's Shares Surge After Shareholder's Demands
Shares in leading Japanese clothing maker Tokyo Style Co Ltd soared today after its top shareholder told it to ditch plans to invest 50 billion yen in real estate and pay the money as a dividend instead
The apparel manufacturer's shares closed nearly 16 per cent up after Yoshiaki Murakami - a former bureaucrat who runs his own fund - called a news conference to demand action to boost shareholder value and raise dividends.
Murakami added he will present the proposals at Tokyo Style's shareholders meeting in May and pointed out only 30 per cent of the firm's assets are employed for its main business.
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